Interest rates are at all-time lows
Not only are interest rates at all-time lows, but the Federal Reserve announced last month that they plan to keep it that way until at least 2014.
If you purchased your home during the housing boom (before the peak in 2006 and subsequent collapse in 2008), you’re probably paying more interest than you need to be. By refinancing, you can get a much lower rate on a 15-year loan. In fact, the rates are so low these days that you may be able to reduce the length of your loan without seeing an increase in your monthly payments!